GOP Senators Say They Won’t Vote Until Tax Cuts Are Resolved
December 3, 2010 by Special To Personal Liberty
Senate Republicans have vowed to block all legislative action during the lame-duck congressional session until the George W. Bush-era tax cuts are extended for all Americans.
According to CNN, all 42 Senate Republicans have signed a letter to Senate Majority Leader Harry Reid (D-Nev.) that pledges the party's abstention from all voting until the Federal government's budget and the nation's tax rates are decided. The GOP supports the extension of tax breaks for all Americans, which are set to expire on Dec. 31.
"While there are other items that might ultimately be worthy of the Senate's attention, we cannot agree to prioritize any matters above the critical issues of funding the government and preventing a job-killing tax hike," the letter reads, quoted by the news provider.
President Barack Obama and many Democrats want the Bush-era cuts to be extended for all taxpayers, except for those families earning more than $250,000 per year. Left-leaning politicians have argued that approximately $700 billion would be lost if tax cuts are extended for the wealthiest Americans.
Republicans believe that failure to extend tax breaks for every income bracket would stifle an already-sluggish economy and hurt small businesses.
Reuters reports that Obama has asked Treasury Secretary Tim Geithner and budget director Jack Dew to work with congressional leaders from both parties in order to reach a compromise and help prevent tax increases in 2011. Discussions were set to commence on Dec. 1.